Room for rise of up to 2 percentage points, move to help meet higher expenditure need in FY17
In an address at the Council of Heads of Government meeting of the eight-member SCO, Vice President Venkaiah Naidu said the most important challenge faced by the region is terrorism, particularly cross-border terrorism, and that India remained concerned about threats emerging from ungoverned spaces as well.
'Poor home work, and a subsequent loss of nerve.' 'This sums up the Modi government's current travails, the stall in key sectors, fading momentum, irritability,' points out Shekhar Gupta.
The future can only get better if we continue to break silos and work as integrated teams focussed on promoting national interests, recommends Sanjeev Nayyar.
The government on Monday appointed three eminent economists Ashima Goyal, Jayanth R Varma and Shankanka Bhide as members of the rate-setting Monetary Policy Committee of the RBI
GST council may propose a faster refund procedure, deferment of electronic way bill, further simplification of composition scheme
An official said that people in the government were aware of the benefits as well as the drawbacks of issuing overseas sovereign bonds, and there will be consultations with all stakeholders.
There has been criticism of the official statistics ever since MoSPI came out with new methodology to estimate the GDP on the base year of 2011-12 compared to earlier 2004-05.
At the pre-Budget meeting at Niti Aayog, Modi called for a focussed effort from all stakeholders in order to achieve the target of $5 trillion economy. The participants urged the government to focus on credit expansion, exports growth, governance of PSBs, increasing consumption and job creation.
Backed by the China-plus-one policy, India's textile and apparel exports have seen a 53 per cent growth during the April-November period of the current fiscal year at around $26 billion. This compares to the figure of $17 billion during the same period in FY21. According to Wazir Textile Index, all major companies including Welspun, Vardhman, Trident, KPR Mills, Indo Count, RSWM, Filatex, Nahar Spg and Indorama have posted higher sales during the first half of the current fiscal year compared to the pre-pandemic year.
These have to be passed in this session to meet the September 15 deadline for switching over to the new indirect tax regime, Jaitley said.
Most economists were of the view that the NSSO should release the data, as any move to withhold it will dent the image of country's statistical system.
'This year's Budget didn't give into populist measures everyone was expecting after demonetisation, so I think that was a positive step.' 'Hopefully the Budget will continue in the way it has been.'
'We have set out a timetable to reduce income tax rates for all incomes below Rs 50 lakh, and to progressively eliminate the surcharges on income above Rs 50 lakh, by 2024.' The Budget speech past CII president Naushad Forbes wants to hear.
It is time the government cast its net wide for seeking expert advice on managing the Indian economy and formed a group to help it navigate the difficult days ahead, advises A K Bhattacharya.
Jewellery showrooms in Tamil Nadu and Andhra Pradesh were also opened.
Most of the jewellers who had reopened their showrooms in confusion on Monday, kept shutters down today at Mumbai's Zaveri Bazar and several other places, demanding rollback of the proposal.
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Prime Minister's key economic advisor C Rangarajan on Friday lowered the growth forecast for the current fiscal to 5.3 per cent from 6.4 per cent projected earlier and listed out host of measures, including further liberalisation of FDI norms to improve economic condition.
'The CEA suggested that could be as high as 19 per cent.'
The men who advice the man who runs the country are experts and their experience says it all.
Assembly elections coming up in November and December could offer a window of opportunity to the government to make GST attractive through rate cuts.
Top security czars of India, Russia, Iran and five central Asian countries on Wednesday pledged to work for ensuring that Afghanistan does not become a safe haven for global terrorism and called for the formation of an open and truly inclusive government in Kabul.
'Sullivan and Jaishankar welcomed the cooperation in recent weeks that resulted in deliveries of over USD 500 million in COVID-19 relief supplies from the US federal and state governments, US companies and private citizens across America for the people of India'
Reserve Bank of India Deputy Governor Viral Acharya is the eighth economist to quit since the Modi government took office.
Telangana govt currently provides the state's 5.83 million farmers an income support of Rs 4,000 per acre per season, irrespective of the size of their land holding
India's economy is unlikely to see double-digit growth and may grow between 8 per cent and 9 per cent this fiscal year (2021-22, or FY22), against the estimated 11.5 per cent, according to leading economists and rating agencies. The downward revision of growth projections to as low as 10 per cent is mostly on account of stringency in restrictions by states, relatively slow vaccination pace, and the possibility of a third wave of the pandemic. However, they say the impact will not be as severe as the first wave, and expect the first quarter to see positive growth.
'The time has come to incorporate Indian sociology into economic policy.' 'The first step in that direction would be to listen to economists trained in India and not just the US and the UK, argues T C A Srinivasa-Raghavan.
India has conveyed its concerns to the top security and intelligence officials of the United States, the United Kingdom and Russia over the possible implications of Pakistan's links with the Taliban and various terrorist groups operating in Afghanistan for regional security and stability, people familiar with the development said.
The Indian economy grew at a faster pace of over 8 per cent in two consecutive fiscal before falling to a nine year low of 6.5 per cent in 2011-12.
'The macro-economic stresses -- high interest rates, rupee depreciation and capital flows -- have receded now.' 'Interest rates have come down, inflation is down and the rupee has bounced back.' 'If oil prices continue at this level, there will be no vulnerability.' 'Growth is a different story.'
Jean Dreze, a noted economist who was was a member of Sonia Gandhi led National Advisory Council, was dropped from the list of speakers at the Delhi Economics Conclave organised by the finance ministry and inaugurated by Prime Minister Narendra Modi.
Russia and China are tight-fisted and Iran is broke and none of them has the political will or capacity to bankroll the Afghan economy, which only the US can, points out Ambassador M K Bhadrakumar.
"Ambassador Mittal raised India's concern that Afghanistan's soil should not be used for anti-Indian activities and terrorism in any manner," it added.
The negotiations started on Sunday, a day ahead of schedule.
'All of us have believed in decentralisation. You may not like property taxation, neither do I. My solution is that the Centre does the tax collection, but we can give a matching grant instead of redistribution,' says the outgoing CEA, Arvind Subramanian.
There is buzz that the PM, confident of an election victory, will introduce 25 new ministers.
S Ramadorai is now the vice-chairman of Tata Consultancy Services (TCS) after being its MD and CEO for a decade. He is also advisor to the Prime Minister on the National Skill Development Council (NSDC).
The NDA government was initially reticent about fleshing out its economic strategy for the future. But now that it has taken enough bold initiatives on the economic front it must have the confidence to tell us more about its approach going forward, says Abheek Barua.
Rangarajan, who was answering questions on onion prices touching Rs 100 per kg in some cities, said the impact on inflation would not last long.
There were reports that some Commission officials were against the Rajan panel's suggestion to replace Gadgil- Mukherjee formula with Rajan Committee's Multi Dimensial Index for allocation funds to states.
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